Gold Prices Flat as US Dollar Smothers Attractiveness Amid Rate Hike

Gold posted its fourth consecutive weekly loss on Friday, having hit its lowest level since late September a few sessions earlier.

Cover Image Attribute: Image by PublicDomainPictures from Pixabay
Cover Image Attribute: Image by PublicDomainPictures from Pixabay

The price of gold remained unchanged on Monday despite a surge in the value of the United States dollar (USD/US$), which put downward pressure on demand for bullion priced in dollars and pushed the precious metal closer to the nine-month lows it reached the previous week.


At 5:31 am (GMT), the spot price of gold remained unchanged at $1,741.84 per ounce. Gold futures in the United States decreased by 0.1 percent, trading at $1,740.10 per ounce.


Because of the rise in the value of the dollar, foreign investors are staying away from the gold market. On Friday, the dollar reached its highest level in approximately 20 years.


"While gold prices remain below $1,753/oz, it seems a move down to $1,720 is on the cards. Although there is some support around $1,730 ... given the bearish trend overall, any upside is likely to be a retracement," said City Index senior market analyst Matt Simpson. 


Gold posted its fourth consecutive weekly loss on Friday, having hit its lowest level since late September a few sessions earlier. The dollar strengthened, and forecasts for steep interest rate hikes supported following positive U.S. employment statistics.


"Gold has had a large move lower, and there comes the point where the market needs to pause for breath. And that's what we are seeing on gold right now," Simpson said.


President of the Atlanta Federal Reserve Bank Raphael Bostic, until recently one of the most dovish policymakers at the U.S. central bank, stated on Friday that he "fully" supports another three-quarter of a percentage point increase in interest rates at the Fed's next policy meeting later this month.


Rising interest rates and bond yields increase the potential cost of holding non-yielding bullion.


Benchmark Ten-year Treasury yields in the United States retreated from a one-week high reached in the prior session, bolstering gold prices.


As investors awaited U.S. inflation data that could need another colossal increase in interest rates, most Asian stocks were down on Monday.


Spot silver declined 0.2% to $19.26 per ounce, while platinum fell 1.2% to $886.22 per ounce.


The price of palladium fell 3.5 percent to $2,106.89 on Monday after jumping nearly 10 percent on Friday.


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IndraStra Global: Gold Prices Flat as US Dollar Smothers Attractiveness Amid Rate Hike
Gold Prices Flat as US Dollar Smothers Attractiveness Amid Rate Hike
Gold posted its fourth consecutive weekly loss on Friday, having hit its lowest level since late September a few sessions earlier.
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